Offer details and market reaction
The move, a large step up from BitMine’s initial $2 billion offering announced on July 9, outlines common stock issuance at $0.0001 per share. Cantor Fitzgerald is listed as the sole sales agent, and the company said it will pay up to a 3% commission on gross proceeds.
Following the filing, BMNR stock climbed roughly 4% in pre-market trading and closed at $58.98 on Aug. 11. Shares were up further in subsequent trading, according to Google Finance.
Ethereum accumulation remains a core focus
BitMine said it will keep flexibility to use proceeds for debt repayment, share buybacks or infrastructure — but Ethereum accumulation is explicitly flagged as a target. Between July 9 and July 25 the company disclosed purchases totaling 566,776 ETH, worth about $2.03 billion.
The firm has not specified what percentage of the expanded ATM proceeds will be earmarked for ETH, and it left open the option to buy Bitcoin or fund mining upgrades as market conditions dictate.
ETH market context and institutional flows
At the time of reporting, Ethereum was trading near $4,679.14, up roughly 9.6% over 24 hours per CoinMarketCap. ETH has surged nearly 50% in the last month and is more than 70% higher year-to-date, approaching its November 2021 peak.
Institutional interest appears to be rising in parallel. Binance Research reported corporate Ethereum holdings climbed about 128%, bringing total reserves among firms to more than 2.7 million ETH (roughly $11.6 billion) as 24 new corporate holders entered the list.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
